Thailand
has long been considered as the ‘rice bowl of the world’ and for good reason.
Thailand is still the world’s number one exporter of rice. Although most people
believe that tourism is the main breadwinner for the country, it is not really
the case. True, tourism does hold a major share in the economy of the country;
there are several other factors at work. For example, did you know that, they
export a variety of textiles, footwear, computer and electrical appliances? All
this culminates into a pretty good state of economy in the country.
The
country is as rich in natural beauty as it is in the comforts of city living.
You will find lusciously green mountains, pristine beaches and amazing
waterfalls to quench your nature thirst. At the same time, cities like Bangkok
are known for some of the craziest nightlife and are one of the greatest
shopping destinations. This ‘best of both worlds’ advantage does not only make
it a raging tourist destination, but a great place to live as well. Despite
maintaining world standards as far as lifestyle is considered, the cost of
living in the country is far less that the European and American lands. This
attracts people to build their retirement homes in this quaint little land as
well as attracts the foreign investors.
Wherever
there is a steady influx of people, property will sell like hot cakes. Many
clever investors have recognized the property potential and are looking for
houses and lands for sale in Thailand. While the Thailand business directory does help you find the properties that
might suit your budget, they do not state everything like the property rules.
For starters, foreigners are not allowed to own land in their own name although
apartments and condominiums are quite possible. However, if your heart is set
on buying a land, there are plenty of ways to achieve that as well, that too,
quite legally. The first step is to be filthy rich, so much so, that you are
ready to invest 40 million baht, that is, 1.2 million dollars and 1 million
Euros! Well if that is not an option for you, there are others that might be
more pleasing to your pocket.
A good way
to own land in Thailand is through a holding company. You create a holding
company that will require some Thai co-investors and own the land in the
company’s name. Unlike the case of condominium ownership, here the Thai
ownership need not be the majority and just nominal participation will do.
Various agreements and voting rights are in place to ensure that the foreign
investors maintain the ownership. A much simpler method of owning the land is
through a Thai nominee.
If you are
lucky enough to have a Thai spouse then nothing like it. You could simple buy
the land in his or her name and you would be free to do whatever you wish to do
with the land. However, buying a land where you know that the natural ownership
stays in the hands of a complete stranger is a risky affair no doubt. Most
likely, the laws do not protect you in any way in this regard, that is, the Thai
nominee is seen as the sole owner instead of a co-owner with you. That means
that if his intensions are less than pious, your entire investment could sink
without a trace and you will not be able to do anything about it. Therefore,
unless you do not have a reliable resource in Thailand, this procedure is not
the wisest choice.
For a
foreigner dealing with land could be slightly tricky in Thailand that is why
many people bypass the land ownership to directly owning apartments or condos.
This does restrict them from doing anything more with the land but it does make
a more secure purchase. The returns will surely be worth the while.
